A History Of The Gold Standard Economics Essay

A History Of The Gold Standard Economics Essay What is Gold Standard? The Gold Standard is a monetary system in which the standard unit of currency is a fixed weight of gold or freely convertible into gold at a fixed price. Under the Gold Standard system, paper money which circulates as a medium of exchange is convertible into gold on demand. The exchange rate between paper or fiat money and gold is fixed. Same thing happened to the rates of exchange between national currencies, it is fixed. The Gold Standard can be divided into two types: full Gold Standard and partial Gold Standard. A 100 percent reserve Gold Standard or full Gold Standard occurs when all circulating money can be represented by the appropriate amount of gold. Whilst in partial Gold Standard, circulating notes can be redeemed for their face value; it can be either higher than its actual value or lower. Why gold being selected as a reserve for most countries and even for today? Many nations hold the gold reserves in significant quantity in order to defense their currency and put a hedge against the US dollar. Some more, the weakness of the US dollar can be offset by strengthening the gold prices. Yet, compared to other precious metals or major competitors such as US dollar and real estate, none of them has the stability as the gold as well as its rarity and durability. Gold is also used as a store of value starting from the early monetary system since it is high value enough. It is high in utility and density, it is able to resist to corrosion, it is uniform, and it is divisible easily. As we know, banking began by depositing the gold into a bank and it could be transferred from one bank to another bank. Until today, gold remains to be the main financial asset for most of the central banks. By looking back at the past, before 2000 BC, the first metal that human being used as a currency in trade was silver. According to the history, we know that gold has been used as a mean of payment since long time ago. After 1500 years, the first coinage of pure gold was introduced. The adoption of Gold Standard was preceded after that. Yet, the fiat monetary system came and took over the Gold Standard system during the outbreak of World War I. This happened for most of the nations are due to the excessive public debt and the government is unable to repay all the debt in gold or silver. IMPORTANCE OF STUDY / RESEARCH IN GOLD STANDARD As a banking and finance student, we have to study and understand any history that regard to the field, included the topic of our assignment this time Gold Standard. This is because people live in present and they have to plan for and worry about the future. History is the study of past. It gives the information of the past in order to anticipate what is yet to come. Understanding history is important to develop the linkages to predict the future. Yet, history also provides us abundant of information about how the Gold Standard was formed and how it operated. Understanding the operations of the Gold Standard is difficult currently since it was collapsed and we cannot be exposed ourselves to it. The current data that we have is relied on what happened into the past. By using the historical materials, we can make our own analysis on the Gold Standard and understand its weaknesses and problems. Besides, the study of the Gold Standard can help us to understand the changes of the monetary system and how the financial world affects the global economies. From the historical information, we know when the adoption of the Gold Standard was and when the collapse of the Gold Standard was. Yet, we also know that the monetary system had been changed over time to time and which system was being created in order to take over the original system. For instance, Gold Standard was took over by Bretton Woods System and followed by Contemporary Monetary System. There is always a reason there for the changes made. This is because of the discovery of the shortages of the system. Once the deficiencies being located, the new system would be established. If there is still do not have any actions taken, it will affect the economies of the world since finance cannot be separated with the economy. In addition, as a financial student, we have to understand about the differences between fiat money and Gold Standard. From the project we done, we know that fiat money is money that no have intrinsic value and cannot be redeemed for any commodity. The paper currencies and coins that are available in markets nowadays are considered as fiat money and the strength of the economy of the issuing nation is the determinant used to determine the value of fiat money. Mostly, inflation will follow with the enormous issuing of fiat money. Whilst, The Gold Standard is a monetary system in which the standard unit of currency is a fixed weight of gold or freely convertible into gold at a fixed price. Under the Gold Standard system, paper money which circulates as a medium of exchange is convertible into gold on demand. The exchange rate between paper or fiat money and gold is fixed. PART II : THE GOLD STANTARD 2.1 HISTORY 2.1.1 History of Gold Standard The first nation that officially adopted the Gold Standard system is England (also called as Great Britain) in 1821. The list below is the dates of adoption of the Gold Standard system: 1821 England 1871 Germany 1873 Latin Monetary Union Belgium Italy Switzerland France 1875 Scandinavia(Monetary Union) Denmark Norway Sweden 1875 Netherlands 1876 France 1876 Spain 1879 Austria 1893 Russia 1897 Japan 1898 India 1900 United States During that century, there was a dramatic increase in global trade and production which brought enormous discoveries of gold. The discoveries aided the Gold Standard remain intact well on the following century. The emergence of the International Gold Standard is on 1871 since the Germany also started to use the system. By 1900, most of the developed countries were linked to the Gold Standard system, but surprise that the United States was the last nation to enter. This is because there was the present of a strong silver lobby that forbidden gold from being the sole monetary standard with the U.S. throughout the 19th century. The Gold Standard was at its pinnacle from 1871 till 1914. During the period, there were a near perfect ideal political contexts existed in the world. Governments tried to corporate nicely in order to make the Gold Standard system work, but the system was collapsed during the duration of the Great War in 1914. In 1925, it was reestablished. But due to the relative scarcity of gold, many countries adopted a gold-exchange standard, supplementing their gold reserves with currencies convertible into gold at a stable rate of exchange. Unfortunately, the gold-exchange standard was ended during the Great Depression. The United States had set a minimum dollar price for gold in order to aid for the restoration of international gold standard after World War II. In 1971, dwindling gold reserves and unfavorable balance of payments led the U.S. to abandon the Gold Standard system. 2.1.2 Timelines of Gold Standard 1717 The Kingdom of Great Britain went on to an unofficial Gold Standard. 1816 Gold was partially displacing silver as a standard. 1821 The Gold Standard was first out into operation in Great Britain. 1873 The Coinage Act of the United States Congress came into operation on 1st April and constituted the gold one-dollar piece as the sole unit of value. 1900 Gold Standard Act was established on 14 March 1900 and gold was the only standard for redeeming paper money. 1914 The abandonment of the Gold Standard by Russia. 1925 The return of the Gold Standard. 1971 The abandonment of the Gold Standard by the United States. 2.1.3 Timelines of Fiat Money 1690 There are three types of currency according to American History: Fiat money Certificates based on coin or bullion Bank notes (Fiat money is one type of currencies that being used during the time.) 1789 France was undergoing economic downturn and due to lack of money, fiat money being used. 1862 There was a paper currency that printed upon one side in green has been created with a promise to pay Greenbacks. 1878 An argument in favor of honest money and redeemable currency. 1896 Paper-based global economy has been collapsed. 1913 Establishment of Fed. Fiat money became the United States legal tender. The mercy of the fiat money system has led to the greatest debt bubble in world history. 1933 Inflation occurred. 2008 Under the fiat money system, money as debt. 2.1.4 History of Shifting Between Fiat Money and Gold Standard in U.S. As stated as below, there were a lot of shifting between a fiat money and gold standard had been made by the United States over the past 200 years which in order to avoid hyper-inflation. Hyperinflation occurs when the confidence in money had gone and it leads to no value in the money. As mentioned as earlier, the gold standard was over due to the reason of the government was unable to repay for the excessive of public debt in gold or silver that its countries owe. 1785-1861 Fixed Gold Standard : 76 years It was issued by American colonists for the Continent Congress in order to finance the Revolutionary War. It was produced by the United States Federal Government. It was authorized by the Act of March 3, 1849. 1862-1879 Floating Fiat Currency : 7 years The fiat money of the United States above is Greenbacks. It was created to pay for the enormous cost of the Civil War. It was the debt of the U.S. government which could be redeemable in gold at future without any specified date. It was circulated along with the Gold certificates. 1880-1914 Fixed Gold Standard: 34 years It was ended due to the financial needs of World War I. 1915-1925 Floating Fiat Currency : 10 years It was created to pay for World War I countries. There was insufficient of gold to support the paper currency. 1926-1931 Fixed Gold Standard : 5 years It was ended due to most of the nations tried to deposit their pounds and dollars for gold when the depression occurs. 1931-1945 Floating Fiat Currency : 14 years It was ended due to the outbreak of World War II. 1945-1968 Fixed Gold Standard : 26 years On 24 June 1968, a proclamation that Federal Reserve Silver Certificates could not be redeemed in silver was issued by President Johnson. 1971 Floating Fiat Currency : 5 months It was established by President Nixon on August 1971. 1971-1973 Fixed Dollar Standard : 2 years It was passed by the Smithsonian Agreement. 1973-today Fiat Currency : 37 years It was established by the Basel Accord. 2.1.5 Evolution of International Monetary Systems International Monetary System had been undergoing several stages of evolution which are stated as below: Bimetallism (before 1875) A double standard in the sense that both gold and silver were used as international means of payment. Some nations used the gold standard; some used the silver standard; and some used both. Both gold and silver were used as money and the gold or silver contents were the determinants used to determine the exchange rates among currencies. Classical Gold Standard (1875-1914) Most nations agreed that -Gold alone was assured of unrestricted coinage. -There would be two-way convertibility between gold and national currencies at a fixed ratio. -Gold could be freely exported or imported. Two countries relative gold contents were be the determinants used to determine the exchange rate between two countries currency. Highly stable exchange rates under the classical gold standard provided an environment that was conducive to international trade and investment. Misalignment of exchange rates and international imbalances of payment were automatically corrected by the price-specie-flow mechanism. Interwar Period (1915-1944) Exchange rates fluctuated as countries widely used predatory depreciations of their currencies as a means of gaining advantage in the world export market. Attempts were made to restore the gold standard, but participants lacked the political will to follow the rules of the game. The result for international trade and investment was profoundly detrimental. Bretton Woods System (1945-1971) Named for a 1944 meeting of 44 countries at New Hampshire. The purpose was to design a postwar international monetary system. The goal was exchange rate stability without the gold standard. The result was the creation of the IMF and the World Bank. The system was a dollar-based gold exchange standard. Flexible Exchange Rate System (1971-today) The system was declared acceptable to the International Monetary Fund (IMF) members. Central banks were allowed to intervene in the exchange rate markets. Gold was abandoned as an international reserve asset. Managed Float System (1973-today) 2.2 INTERNATIONAL GOLD STANDARD 2.2.1 Chronology of Gold and International Monetary System 1717 Master of the Mint, Sir Isaac Newton gave guinea statutory valuation of 21 shillings. Commence of the United Kingdom Gold Standard. 1797 Occurrence of Napoleonic Wars. Bank of England abandoned gold payments. 1816 Establishment of UK Coinage Act. 1844 Bank of England obliged to buy gold. 1870-1900 Except of China, most of the nation abandoned Bimetallic Standard and switched to Gold Standard. 1913 The United States system of reserve banks was established by Federal Reserve Act. At least 40% of notes were gold-backed. 1917 U.S. prohibited gold exports. 1919 UK went off Gold Standard. Establishment of London Gold Fixing. 1925 Return of Gold Standard in the United Kingdom. Establishment of UK Gold Standard Act. 1931 The United Kingdom abandoned Gold Standard. 1933 Suspend of the United States convertibility. Prohibition of exports, transactions, and holding of gold. 1934 Presidential Proclamation of making dollar convertible to gold again. 1936 Establishment of Tripartite Agreement (Countries involved: U.S., UK, and France) 1939 Close of London gold market due to the outbreak of war. 1944 Establishment of Gold Exchange Standard as a result of Bretton Woods Conference. 1945 International Monetary Fund (IMF) Articles of Agreement became effective. 1954 Reopen of London gold market after World War II. 1961 Establishment of Gold Pool (Members: Belgium, France, Germany, Italy, Netherlands, Switzerland, UK and Federal Reserve Bank of New York) 1967 Buying of gold increased due to the devaluation of sterling. 1968 Close of London market. Abolishment of Gold Pool and establishment of 2-tier market. Establishment of Special Drawing Right (SDR). 1971 Suspend of U.S. convertibility to gold. Establishment of Smithsonian Agreement. 1972 Devaluation of the United States dollar. 1973 Suspend of dealing in foreign exchange markets by most of the central banks. Adoption of floating exchange rate regime. Abandonment of 2-tier gold market. 1975 Abolishment of restriction on citizen buying, selling or owning gold by U.S. First U.S. gold auction on January. Establishment of agreement between G10 countries and Switzerland on no attempt to peg the gold price. 1976 First gold auction by IMF on June. 1978 Disappear of formal role of gold in International Monetary System. 1979 Establishment of European Monetary System. Final U.S. gold auction on November. 1980 Last 45 IMF gold auctions on May. 1982 The United States Gold Commission reported to Congress. 1985 Establishment of Plaza Agreement on currencies. 1987 Establishment of Louvre Accord on currencies. 1992 Sign of treaty on European Union at Maastricht. 1998 Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, Netherlands, Portugal and Spain joined Economic and Monetary Union (EMU). 1999 Began of EMU. Announcement of Central Bank Gold Agreement (CBGA). 2004 Announcement of Second Central Bank Gold Agreement. 2.2.2 Gold Standard Went International *The picture above the gold and silver coins that available around the world during 19th century. From the chronology above, we know that most of the countries (except China) had abandoned their silver or bimetallic standard and went for a full gold standard between the years of 1871 to 1900. There is always a reason. German asked for war indemnity to be paid in gold by France right after the Franco-German War. German used this gold to finance a new gold standard in their home country. This had lead to an increase in the demand of gold and there was unload of tons of silver on the neighboring nations. Due to the fear towards silver inflation, the neighboring countries decided to follow German. The list below is the date of first gold standard: 1871 German 1873 Belgium 1873 Italy 1873 Switzerland 1874 Scandinavia 1875 Denmark 1875 Norway 1875 Sweden 1875 Holland 1876 France 1876 Spain 1879 Austria 1893 Russia 1898 India 1900 USA International Gold Standard existed when the following condition being fulfilled: Gold alone is assured of unrestricted coinage. There were two means of convertibility between gold and national currencies at a fixed ratio. Gold may be freely imported and exported.

Comic and Tragic Elements in Kurt Vonneguts Slaughterhouse Five Essay

Comic and Tragic Elements in Slaughterhouse Five    Slaughterhouse-Five, by Kurt Vonnegut Jr., is the tale of a World War II soldier, Billy Pilgrim. His wartime experiences and their effects lead him to the ultimate conclusion that war is unexplainable. To portray this effectively, Vonnegut presents the story in two dimensions: historical and science-fiction. The irrationality of war is emphasized in each dimension by contrasts in its comic and tragic elements. The historical seriousness of the Battle of the Bulge and the bombing of Dresden are contrasted by many ironies and dark humor; the fantastical, science-fiction-type place of Tralfamadore is, in truth, an outlet for Vonnegut to show his incredibly serious fatalistic views. The surprising variations of the seriousness and light-heartedness allow Vonnegut to show effectively that war is absurd. The most important historical plot strand of Slaughterhouse-Five is Billy Pilgrim's war experience which occurs during the last six months of World War II. This plot strand follows Billy through the Battle of the Bulge and his presence as a POW during the bombing of Dresden, Germany. Vonnegut contrasts these documented milestones with incredible amounts of dramatic irony and dark humor. This provides the plot with not only comic relief, but examples of absurdities which parallel the message of the insanity of war. Billy, standing at a lanky six-foot two, is introduced in the middle of a Luxembourg forest during the Battle of the Bulge. He, along with two infantry scouts and an antitank gunner named Roland Weary, have been separated from their platoon and are alone in enemy territory. In contrast to the two scouts, who are quiet and swiftly moving through the fo... ...mbolized fatalism and the Garden of Eden. Vonnegut gives a compelling account of the horrors of war using intricate, clever story-telling techniques, bringing together the extremes between truth (historical facts) and science fiction (futuristic imagination). He uses the extraordinary technique of combining the dark humor of Billy's views of World War II with the serious message from the figment of madness of Tralfamadore to show the inexplicable occurrences of war and its repercussions. This ingenious combination leads to a unique tale that is timeless and interesting, that brings the story of Dresden, of Tralfamadore, and of Billy Pilgrim, into the public eye. Works and Sources Cited Merrill, Robert. ed. Critical Essays on Kurt Vonnegut.   Boston: G.K. Hall & Co., 1990. Vonnegut, Kurt.   Slaughterhouse-Five.   New York: Dell Publishing, 1968.

Huckleberry Finn Persuasive Essay

Dominique Garcia English 3 Honors Ms. Boden February 21, 2012 The Adventures of Huckleberry Finn The Adventures of Huckleberry Finn by Mark Twain is a short novel that has been around for more than 100 years. Through the characters Huck and Jim, Twain demonstrates the importance of friendship and humanity in society. This novel is not for the ignorant or uneducated. The novel uses diction to emphasize how the past should not be repeated. The Adventures of Huckleberry Finn should belong in the American Canon because it demonstrates how society contributes to our opinions, morals, and attitude.Many students and adults can relate to Huck’s struggle to become free. Most students who read this novel are between the ages of 15-17. Adolescence is a point in a persons life when they do not know who they are. The book explains the struggle most of us go through. Also, the novel shows the importance of friendship. Through the novel, the students learn that it is right to stand up for a cause. For example, in the novel Huck stands up to racism. This can be applied to someone standing up for someone who is being bullied. Also, the novel contains many historical background of the U.S. A. Through this book we can learn what not to do. Twain emphasizes how evil slavery is and how is should not be done again. Most readers are able to understand this through the choice of words he uses. The novel also shows how ignorant and evil society can be. It lets students open their minds to not judge everyone by society’s standards. However, people complain that Twains diction in the novel is derogatory. African Americans argue that there freedom was hard earned and that the word â€Å"nigger† only emphasizes the negative .Some feel that the word is used in wrong connotation and that the book should be banned. They believe that if the youth read the book than it will only influence the use of the word and racism might begin as a problem again. The Adventures of Huckl eberry Finn by Mark Twain is a novel that has withstand 100 years. People still read it and make connections to the novel thru the themes of freedom, friendship, and society’s standards. However, other people see the novel as derogatory, unsuccessful, and improper.

Old and New Architecture in Vienna, Austria

Vienna, Austria, by the Danube River, has a mixture of architecture representing many periods and styles, ranging from elaborate Baroque-era monuments to a 20th century rejection of high ornamentation.  The history of Vienna, or  Wien as its called, is as rich and complicated as the architecture that portrays it. The city doors are open to celebrate architecture — and anytime is a great time to visit. Being centrally located in Europe, the area was settled early on by both the Celts and then the Romans. It has been the capital of the Holy Roman Empire and the  Austro-Hungarian Empire. Vienna has been invaded both by marauding armies and medieval plagues. During the Second World War, it ceased to exist completely as it was enveloped by Nazi Germany. Yet today we still think of Vienna as the home of the Strauss waltz and the Freudian dream. The influence of Wiener Moderne or Vienna Modern architecture on the rest of the world was as profound as any other movement in history. Visiting Vienna Perhaps the most iconic structure in all of Vienna is the Gothic St. Stephans Cathedral. First begun as a Romanesque cathedral, its construction throughout the ages displays the influences of the day, from Gothic to Baroque all the way up to its patterned tile roof. Wealthy aristocratic families like the Liechtensteins may have first brought the ornate Baroque style of architecture (1600-1830) to Vienna. Their private summer home, the Garden Palais Liechtenstein from 1709, combines Italian villa-like details on the outside with ornate Baroque interiors. It is open to the public as an art museum. The Belvedere is another Baroque palace complex from this time period, the early 1700s. Designed by Italian-born architect Johann Lukas von Hildebrandt (1668-1745), Belvedere Palace and Gardens is popular eye-candy for the Danube River cruise-taker. Charles VI, Holy Roman Emperor from 1711 to 1740, is perhaps responsible for bringing Baroque architecture to the ruling class of Vienna. At the height of the Black Plague pandemic, he vowed to build a church to St. Charles Borromeo if the plague would leave his city. It did, and the magnificent Karlskirche (1737) was first designed by Baroque master architect Johann Bernard Fischer von Erlach.  Baroque architecture reigned during the time of Charles daughter, Empress Maria Theresa (1740-80), and her son Joseph II (1780-90). Architect Fischer von Erlach also designed and rebuilt a country hunting cottage into a summer royal getaway, the Baroque Schà ¶nbrunn Palace. Viennas Imperial Winter Palace remained The Hofburg. By the mid-1800s, the former city walls and military enforcements that protected the city center were demolished. In their place, Emperor Franz Joseph I launched a massive urban renewal, creating what has been called the most beautiful boulevard in the world, the Ringstrasse. Ring Boulevard is lined with over three miles of monumental, historically-inspired neo-Gothic and neo-Baroque buildings. The term Ringstrassenstil is sometimes used to describe this mix of styles. The Museum of Fine Arts and the Renaissance Revival Vienna Opera House (Wiener Staatsoper) were constructed during this time.  Burgtheater, Europes second-oldest theater, was first housed in Hofburg Palace before this new theater was built in 1888. Modern Vienna The Viennese Secession movement at the turn of the 20th century launched a revolutionary spirit in architecture. Architect Otto Wagner (1841-1918) combined traditional styles and Art Nouveau influences. Later, architect Adolf Loos (1870-1933) established the stark, minimalist style we see at The Goldman and Salatsch Building. Eyebrows raised when Loos built this modern structure across from the Imperial Palace in Vienna. The year was 1909, and the Looshaus marked an important transition in the world of architecture. Yet, the buildings of Otto Wagner may have influenced this modernist movement. Some have called Otto Koloman Wagner the Father of Modern Architecture. For certain, this influential Austrian helped move Vienna from Jugendstil (Art Nouveau) into 20th-century architectural practicality. Wagners influence on the architecture of Vienna is felt everywhere in that city, as noted by Adolf Loos himself, who in 1911 is said to have called Wagner the greatest architect in the world. Born on July 13, 1841 in Penzig near Vienna, Otto Wagner was educated at the Polytechnic Institute in Vienna and Kà ¶nigliche Bauakademie in Berlin, Germany. He then went back to Vienna in 1860 to study at the Akademie der bildenden Kà ¼nste (Academy of Fine Arts), graduating in 1863. He was trained in the Neoclassical fine art style that was ultimately rejected by the Secessionists. Otto Wagners architecture in Vienna is stunning. The distinctive tiled facade of the Majolika Haus makes this 1899 apartment building desired property even today. The Karlsplatz Stadtbahn rail station that once  inked urban Vienna with its growing suburbs in 1900 is so revered an example of beautiful  Art Nouveau architecture that it was moved piece by piece to a safer venue when the railroad upgraded. Wagner ushered in modernism with the Austrian Postal Savings Bank (1903-1912) — the Banking Hall of the Ãâ€"sterreichische Postsparkasse also brought the modern banking function of paper transactions to Vienna. The architect returned to Art Nouveau with the 1907 Kirche am Steinhof or Church of St. Leopold at Steinhof Asylum, a beautiful church designed especially for the mentally ill. Wagners own villas in  Hà ¼tteldorf, Vienna best express his transformation from his neoclassical training to Jugendstil. Why is Otto Wagner Important? Art Nouveau in Vienna, a new art known as Jugendstil.Vienna Secession, founded in 1897 by a union of Austrian artists, Wagner was not a founder but is associated with the movement. The Secession was based on the belief that art and architecture should be of its own time and not a revival or imitation of historic forms such as Classical, Gothic, or Renaissance. On the Secession exhibition hall in Vienna are these German words: der zeit ihre kunst (to every age its art) and der kunst ihre freiheit (to art its freedom).Vienna Moderne, a transitional time in European architecture. The Industrial Revolution was offering new construction materials and processes, and, like architects of the Chicago School, a group of artists and architects in Vienna were finding their way to what we consider Modernity. Architecture critic Ada Louise Huxtable has described it as a time full of genius and contradiction, characterized by a kind of bipolar architecture of simple, geometric designs adorned with fanciful Jugendstil ornamentation.Moderne Architektur, Wagners 1896 book on modern architecture continues to be studied.Urban Planning and Iconic Architecture in Vienna:   The Steinhof Church and the Majolikahaus are even pictured on coffee mugs available to purchase as souvenirs. Otto Wagner, Creating Iconic Architecture for Vienna The same year Louis Sullivan was suggesting a form follows function in American skyscraper design, Otto Wagner was describing aspects of modern architecture in Vienna in his translated declaration that something impractical cannot be beautiful. His most important writing is perhaps the 1896 Moderne Architektur, in which he asserts the case for Modern Architecture: A certain practical element with which man is imbued today simply cannot be ignored, and ultimately every artist will have to agree with the following proposition: Something impractical cannot be beautiful. — Composition, p. 82 All modern creations must correspond to the new materials and demands of the present if they are to suit modern man. — Style, p. 78 Things that have their source in modern views correspond perfectly to our appearance....things copied and imitated from old models never do....A man in a modern traveling suit, for example, fits in very well with the waiting room of a train station, with sleeping cars, with all our vehicles; yet would we not stare if we were to see someone dressed in clothing from the Louis XV period using such things? — Style, p. 77 The room that we inhabit should be as simple as our clothing....Sufficient light, a pleasant temperature, and clean air in rooms are very just demands of man....If architecture is not rooted in life, in the needs of contemporary man...it will just cease to be an art. — The Practice of Art, pp. 118, 119, 122 Composition also entails artistic economy. By this I mean a moderation in the use and treatment of forms handed down to us or newly created that corresponds to modern ideas and extends to everything possible. This is especially true for those forms that are considered high expressions of artistic feeling and monumental exaltation, such as domes, towers, quadrigae, columns, etc. Such forms, in any case, should be used only with absolute justification and sparingly, since their overuse always produces the opposite effect. If the work being created is to be a true reflection of our time, the simple, the practical, the — one might almost say — military approach must be fully and completely expressed, and for this reason alone everything extravagant must be avoided. — Composition, p. 84 Todays Vienna Todays Vienna is a showplace of architectural innovation. Twentieth-century buildings include  Hundertwasser-Haus, a brilliantly colored, unusually shaped building by Friedensreich Hundertwasser, and a controversial glass and steel structure, the 1990 Haas Haus by Pritzker Laureate Hans Hollein. Another Pritzker architect took the lead converting the century-old and historically protected industrial buildings of Vienna into what today is known as  Jean Nouvel Buildings Gasometers Vienna  Ã¢â‚¬â€ a massive urban complex with offices and shops that became adaptive reuse on a grand scale. In addition to the Gasometer project, Pritzker Laureate Jean Nouvel has designed housing units in Vienna, as have the Pritzker winners Herzog and de Meuron on Pilotengasse.  And that apartment house on the Spittelauer Là ¤nde? Another Pritzker Laureate, Zaha Hadid. Vienna continues to make architecture in a big way, and they want you to know that Vienna’s architecture scene is thriving. Sources The Dictionary of Art Vol. 32, Grove, Oxford University Press, 1996, pp. 760-763Vienna Moderne (November 26, 1978), Architecture, Anyone? by Ada Louise Huxtable, University of California Press, 1986, p. 100Modern Architecture by Otto Wagner, A Guidebook for His Students to This Field of Art, edited and translated by Harry Francis Mallgrave, The Getty Center for the History of Art and the Humanities, 1988 (translated from the 1902 third edition)